8 Ironwood Rd

West Hartford, CT 06117

$399,900F

2 bd · 3.5 ba · 2,069 sqft · Built 1981 · Condo · Active · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,876/mo
• Mortgage (P&I): −$2,097
• Tax + insurance: −$896
• HOA: −$658
• Vac / Maint / Mgmt: −$604
• Net cashflow: $-1,379/mo
• Annual: $-16,551/yr
• Cap rate: 2.15%
• Cash-on-cash: -14.78%
• DSCR: 0.34
• 1% rule: 0.72%
• Cash to close: $111,972

Investor read

• This is a 2-bed/3.5-bath condo listed at $400k.
• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (56.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $288k (28.1% below list).
• It's been on market 74 days — a 6% lower offer ($376k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $175k (56.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#27 in CT, #1,989 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: amenities F, cost of living F.
• West Hartford School District (urban): math 56% / reading 67% proficiency, ranked #39 of 153 in CT (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Norfeldt School (math 72% / reading 72%, grade A-, #62 of 553 statewide, top 13%, 336 students, 13% FRL); King Philip Middle School (math 53% / reading 69%, grade B+, #41 of 175 statewide, top 25%, 815 students, 26% FRL); Hall High School (math 62% / reading 82%, grade B+, #14 of 194 statewide, top 8%, 1,408 students, 20% FRL) — zoned schools at 20% FRL track the district average.
• Watch-outs: HOA is 23% of rent.
• Market conditions: 80 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 1,867 units permitted in Capitol Planning Region in 2024 (1,399 in 5+ unit buildings).
• Current owner paid $315k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 2.2% vs local median 3.3% in West Hartford — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 74 days. Have you received any prior offers? Is the seller open to a 56% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?